WEEKLY: China's ferrous scrap prices trend lower

Chinese prices for steel scrap continued to lose ground during the past week, albeit slightly, as the market responded to weakening demand from steelmakers, the results of Mysteel's latest survey showed.

On June 12, China's composite steel scrap price was assessed by Mysteel at Yuan 2,514/tonne ($372/t), lower by a tiny Yuan 2/t or 0.1% from a week earlier. Steel prices have been falling due to tepid demand in summer, while the steelmakers' production costs have risen on the back of